chapter  3
23 Pages

Inter-industry trade in a global system

Table 3.1 shows growth in GDP, total exports, MVA and exports of manufactures in each of the three major economic groupings. The high rates of growth in total income during the 1960s and early 1970s reflect the exceptional nature of that period. The subsequent slow-down in world growth is also evident: the growth of income in developing and developed countries has fallen significantly since 1975. The pattern is similar in the case of exports (SITC 0-9), though rates of growth have generally been more volatile.